MiMedx Backs Q3 Revenue View Despite Hurricane Irma Impact

(RTTNews) - MiMedx Group, Inc. (MDXG), a biopharmaceutical company, announced Wednesday that its production operations in Georgia and placenta recovery functions are operating normally, and its previously published expectation for third quarter of 2017 revenue to exceed the $80 million mark is unaffected by Hurricane Irma.

The company noted that on September 5, before Irma, it had announced that it expected to exceed $80 million in revenue for the third quarter of 2017 and surpass guidance for the quarter, based on the strength of July and August revenue performance.

The company now said it continues to expect third quarter revenue to be above $80 million. As the medical communities in the area of the country affected by Irma get back to their normal levels of wound care and surgical procedures, the firm anticipates performance in other parts of the country should more than compensate for this temporary impact due to its improved sales efficiencies, territory analytics and sales management system.

Parker Petit, Chairman and CEO, said, "To reiterate what we also stated a week ago, we remain confident in our ability to meet or exceed the revenue projections we have previously set for full year 2017, which are in the range of $309 million to $311 million. Any changes in our annual expectations will be discussed with our third quarter press release."